>> thank you very much, sue. we're looking at the markets, slight declines across the board for the nasdaq, dow and s&p. i bought all of my greeting cards at dollar general. >> excellent. "street signs" begins right now. you're way ahead of me, ty. >> see ya. bonjour and hola, america. yes, we love this country, but after a four-year run, is it time to move your money overseas? welcome to "street signs." did your city make the list of the best job markets in the country? we rank them. the surprising hottest sector of the stock market right now. and on this 80th anniversary of thankfully the repeal of prohibition, the single best beer stock to own. cheers, melissa lee. >> cheers, brian sullivan. take a look where we stand on the markets. the s&p 500 down for a fifth

straight day. if that holds through this close, that would be the longest losing streak since late september. and in case you're wondering, the s&p hasn't declined for six straight sessions since july of 2012. weakness in the financials today, in the industrials sector as well. so let's check in with bob pisani at the nyse as well as rick santelli in chicago. bob, to you first. >> the important thing is five days in a row, haven't seen that in a while. and it's those rate-sensitive sectors having problems. 2.9% as we get right there on the ten-year. take a look here. telecom, utilities, housing, in emerging markets, they've had the biggest problems. elsewhere, if you look at some of the other ones, bank stocks normally better on higher interest rates. but concerns about that volcker rule implementation weighing heavily on big bank names. finally, warnings all over the place. warnings about earnings for retail companies which have had a tough time at thanksgiving, very heavy promotional season. aeropostale, saying fourth quarter would be below

expectations. melissa, back to you. >> thanks, bob. rick, now to you. as bob mentioned, touching 2.87% today. >> yeah, it moderated a bit. we're at 2.85, so we're still up a little on the day. the five-year, there's a little curve flattening going on. five-year yields are up several basis points. 30s are one basis point under their settlement. so a yield curve that everybody's getting ready for tomorrow's big jobs number. i'll continue to say what i hear on the floor. if there's a two in front meaning 200,000 or higher, there may be a 3 in front of the yield, 3%. as far as the other sectors, the lqd, we see that those etfs are affecting corporate pricings are moving down, one would expect that, although maybe a little less risk out there. but the most interesting chart continues to be the dollar index because it's down due to this chart, the euro currency. mario draghi always seems to have a short-term positive

effect. back to you. >> rick, i think you gave us a great riddle. when does two equal three? maybe with tomorrow. >> there you go. i like your riddles, by the way, buddy. and they'd better quit using your "x" marks the spot. they have to come up with their own hints. >> i like you more and more every day, rick. i like it. he watches the show. >> flattery. >> he's the only one. let's talk -- that's not true at all. anyway, let's talk about these markets, all right? because we do love america on this show. as you know, we holed out hopium. everybody said that we were not bright. and the u.s. stock market has done well. but here's the thing. lately, guess what? germany and even spain have done better. in fact, if you're not paying attention, look at this. and on our giant wall behind us, radio listeners, we are showing that the german dax is up 10.5% while the dow jones up a nice 6% but underperforming, the u.s.

market, spain, by the way, is up slightly more than even germany. bruno from ubs and citigroup's tobias. gentlemen, thank you very much. bruno, welcome to "street signs." are the european equity markets, the main ones, that are easy and liquid for our audience to buy a better deal for the dow and s&p 500? >> yeah, i think that's right. at the margin today, that's exactly where we're positioned, right? so the u.s. market has done extremely well. that's a preview of coming attractions for the european markets. that's the why i think investors should view it. we've got the same phenomenon happening, the fears dissipating, the economic growth is showing signs of life. >> and on a relative basis, compare the european markets -- and we focus on germany because it is by far the biggest -- compare, though, a couple of the big markets to the dow jones or the s&p in terms of valuation. >> valuation? europe is clearly more attractive. the average company generates a slightly higher free cash flow yield. and the other thing to keep in mind is -- this may sound like a negative, but it's really not --

many european companies are slightly less efficient. they have higher operating leverage which means that when the sales pick up, the earnings take off. and that's what people should focus on. >> tobias, where do you stand? the valuation argument is a powerful one. if you've been fortunate enough to see the markets go to record highs, you might be looking elsewhere at this point. in case you're worrying about what may happen in washington in january, for instance. >> there are three pieces i've got to address here. i think the e.m. markets are probably more interesting than the u.s. markets. i'm a little less thrilled about europe for a couple reasons. one would be the valuation argument actually is not a compelling argument. you have to look at the constituencies of the various indices. for example, financials account for 40% on the index. it's 15% in the u.s. eck technology is 18% of the s&p. it's 4% in europe. technology companies generally trade at much higher multiples than bank stocks do. and that sends -- you're comparing apples and oranges by looking at just the p.e.

and the third thing is that european economic trend is going from contraction to stall speed. 75% of europe's economy is driven by bank lending and specifically to small and medium size business and the angst aren banks aren't providing money. even the ecb will admit that. >> obviously the german constituency of the indices is very important. you can't compare europe like for like with the u.s. but i think the thing to keep in mind is many european companies are expert oriented. they make the products you see on a shovel at nordstrom's and macy's or on michigan avenue in which where i live. just remember, u.s. economy does well, many of these companies are really fairly independent of their local economy. they're selling products to us, the chinese and the asians. >> do you believe that people panicked and overshot? when the financial market collapse happened and we went to europe and talked about the problems with commerce bank and all these issues, greek debt seeping through like a virus in

the banking system, everybody dumped stop stocks. if you look at the volkswagens of the world, a quarter of their sales are maybe in continental europe. they're not really european companies. >> absolutely correct, that's right. >> tobias, your view on that? i want to focus on europe. but also if you don't like europe, who do you like? >> well, we do like the u.s. we do like the uk within europe. our global team, we like e.m. in latin america, we're not that excited. we think it's more asia. even in latin america, it's more mexico over brazil. i'm really talking to our global guys, this is what they do, more of their focus and their work. and by the way, i agree with bruno. i'm looking for the companies that have attractive valuations in europe that export outside of europe. but keep in mind, 15% of germany's exports are to other countries in europe. >> so basically, bruno, when you say that you like europe, it's really about that other parts of the world will grow. it's not just exporters exporting from germany, let's say to another european country.

it's really china. you've got to believe that china's okay, and you've got to believe that whatever company you're investing in is exporting the right product to the right countries. >> that's right. i mean, we've talked about that before. we believe in investing in companies that can make their own luck, right? find a company that's making a product or delivering a service. >> so a sector such as? give me an idea what you're talking about. >> well, in a consumer sector, we talked about that. the auto sector is clearly another one. local retailers that have a strong model that leverages off recovery in the consumer sector. that's going to work, i think. and i guess the other thing to keep in mind is underpinning all of this is a recovery and in the price of real estate in spain and portugal eventually helps out the banks. it's going to take a while to play out, but you're starting to see it. >> ten seconds, will we get a santa claus rally to end out the year, or is it already happening? >> i think we've pulled it forward with the tapering not getting done. that gets us a little nervous tactically in the near term. still seeing 1900 at the year

end next year. >> thank you very much. great to see you. safe travels ba bei s back to c. protests across the nation. thousands of fast food workers are walking off the job demanding better pay. but are there two different arguments and stories? plus, we're highlighting the hottest stock in a single sector. later, we are cracking open a cold one. maybe there's tastings involved. ooh, "street signs" back in a flash. [ male announcer ] once, there was a man who found a magic seashell. it told him what was happening on the trading floor in real time. ♪ the shell brought him great fame. ♪ but then, one day, he noticed that everybody could have a magic seashell. [ indistinct talking ] [ male announcer ] right there in their trading platform. ♪ [ indistinct talking continues ] [ male announcer ] so the magic shell went back to being a...shell. get live squawks right in your trading platform

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here's video from earlier today where tens of thousands of fast food workers walked off the job as part of a nationwide salary protest. these workers want the minimum wage bumped to at least $15 an hour. currently the federal minimum wage, $7.25, although some states are higher than that. but that's only, folks, about $15,000 a year, hardly a living wage. >> let's bring in steve liesman. steve's been digging in on the minimum wage impact on jobs. >> in the report we call minimum wage maximum controversy, we've gone back and looked at some of the research over decades. i just want to share with you just the one lines. new market watcher, a very famous report said almost all studies, this was a survey of the research, point to negative employment effects, right? well, a year later, they came out with the following in 2007. we compared all the contiguous

county pairs in the united states that straddle a state border and find no add veers employment effects. are you with me, miss lee? >> yes. >> we find it reduces the job growth. and one more i just want to give you here. this is a very good one from milton friedman. in 1973 interview with "playboy." quote, a minimum wage law is in reality a law that makes it illegal for an employer to hire a person with limited skills. and that gets at an important issue which is the effect of minimum wage laws on low-skilled workers and the young, which is there, but there's another study, just to confuse you, when you thought you had had it for a minute, that says minimum wage laws may keep people in school because they're not employable at the higher minimum wage. they stay in school. and this one researcher finds people lengthening out their high school education because of minimum wage. >> so actually a good effect.

>> good effect. >> but that new study you cited, that's a survey of 100 other studies. >> yes, ma'am. >> specifically, they pinpoint low-skilled, the impact on low-skilled -- >> and teens, yes. that's a big place where there seems to be an effect. however, there are different points in the curve. you raise the minimum rage. maybe that means a more expensive hamburger. but what's the better social good? >> and agrees. i don't know if you've ever worked a minimum-wage job. in high school. >> several of them, thank you very much. >> me, too. i worked at wendy's, a seafood place and a chinese place. and the only person that was older than 20 was the owner. the manager was probably 21 years old. i think there's two arguments here. let's bring in ross duvall in the milliken institute. it's a big deal. we love it. but you study wages and economies in part for a living as well. are there really two debates here? there's the debate between the 15-year-old who most people would say probably shouldn't be

making $15 an hour because that might encourage him or her to leave school to go make that those versus working at these jobs with children and who need to support families. are there two arguments in one, or are they the same? >> i think there are two arguments. i think we need to have kind of a lower job training minimum wage for low-skilled young workers so that they can get into the labor force, develop good long-term job base skills so that they understand you've got to show up to work and not give them an opportunity to be involved in crime from being unemployed. so if you look at the unemployment rate among those without a high school education, it's much higher than all other areas of the economy. >> that doesn't address necessarily brian's argument that there's two people here who are affected, those are the younger, low-skilled workers who may be in high school, may be discouraged from staying in school if you raise the minimum wage and then the people with the families, those two groups of people can concurrently be

undereducated and low skilled. so the two-tier system may not address those two aspects of the economy. >> well, i would say the two-tiered system could address those that haven't acquired the skills that are young in order to acquire them. and maybe you have the government pick up the difference between the higher minimum wage and the low-skilled minimum wage. but ultimately you want to be able to get them into the labor force. >> why are we talking about a set number, steve liesman? why don't we talk about minimum wage in the context of indexing it, say, to inflation? >> that's one of the effects that's been out there. >> $10.10. >> some people do index it to inflation. economists would much more like it indexed to productivity. in other words, it should go up because the worker is more productive. because then it becomes a social program, right? ultimately, what i think we're talking about here is a social program. why aren't we talking about the market set the minimum wage and the problem, i think, is that people would be a little horrified at least in some industries, the level at which it would be set.

so when you take -- >> hurt by how low it would be? >> by how low it would be. >> okay. >> and so you take in what milton friedman said. it prohibits you from hiring a person with low level of skills. it also prohibits you from paying that person a penny to do the job. >> but it also goes -- and we learned this, ross, on our travels through the basin and the shale in north dakota. in midland, texas, and in williston, north dakota, starting mcdonald's workers are making $15 to $17 an hour with a driver to and from work and a $1,000 sign-on bonus because there is competition for labor. if we can get competition for labor up, wouldn't that, then, do what we're trying to maybe legislate to the minimum wage? >> well, if you increase demand for labor, it's going to cause the wage rate to increase holding other factors constant. you can see on our best performing cities list where the boomtowns are related to the shale, oil and gas boom that's occurring in the country. >> but what about some of the

other cities you have like san francisco, ross, which is a place that has -- with a high minimum wage there and also really strong -- >> or australia, 16 bucks an hour. >> right. >> there's two stories here, guys. one is the technology hubs in the united states have really been surging ahead. and you can be an innovative economy and overcome the effects of higher wages because you can outinnovate the more productive than others. and then you also have this kind of energy resurgence that's occurring in the u.s. where it pulls up the wages of everyone in those locations. and so the minimum wage isn't even a relevant topic there. >> and ross, we've been showing the list that you put together of the best cities for jobs out there. and is energy one of the running themes through this list? >> it is. you look at places like houston, greeley, colorado, fargo, north dakota, bismarck, can you look at williamsport, pennsylvania. so there's a big energy story here, but there's also the technology story. look at eight of the top ten best performing cities have

educational attainment above the u.s. average. so austin, texas, number one. you go to provo, utah. san francisco. san jose. seattle. salt lake city. you see the story here. these are technology hubs that have the skilled labor force, but they also create jobs for low wage workers. >> it's well said. and ross, i think you just made directly or indirectly the single best argument for staying in school. we still have about 3 million kids every year who are dropping out of high school. ross duvall, thank you very much. >> you wanted to stay in the basin just to drive the trucks. >> you know that midland, texas, now has the single highest per capita income of any zip code in the united states? more than greenwich, connecticut? >> i'm not surprised. >> more than the boys in 90210, melrose, andrew shue. it's midland, texas, number one. >> i want to see you driving an oil rig. >> i might be. >> danger, danger ahead. still ahead -- i'll get my

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we've been talking about it since the show began. the single best performing group in the stock market the last couple week, the oil refiners. marathon, valero, phillips 66, for the moving hugely today. tesoro is actually down. all up in the past month. in fact, marathon is up 19% in the past month. the question is now if you like these companies, have you already missed the run? joining us, senior vp and oil refinery analyst at raymond james, pavel. have our viewers missed the run, or is there more to come? >> some of the easy money has been made. i won't lie to you. but we think there is more to come. let's understand why these stocks have ripped the last few weeks. because the spreads between the price of crude and brent crude and also between wti and brent have really blown out. just widened dramatically.

now, in the very short run, you know, the next few weeks, there may well be a narrowing in those spreads. which will give you an opportunity to perhaps get these stocks at a slightly better entry point. but over the next 12 months, we think there is absolutely upside. for most of them. >> pavel, though, what is your expectation for the spread? we're seeing wti, for instance, in today's session up for the fifth straight day. and i don't know what your suuo assumptions about brent are, whether saudi arabia will defend $100, but at what point do you say the spreads have come in, and the easy money is over, and the risk/reward is not worth it with these stocks that have seen big runs over the past month. >> the way to think about it is make a directional call relative to consensus. so if we look at what consensus is expecting ining for the spr it's about 7 bucks. today we're well into the double digits. so market saying spread's going to narrow significantly. that's what the stocks are pricing in.

now, our view at raymond james is we think it will average about $12, a little bit narrower than where it is today but a lot higher, a lot better than what consensus is expecting. so if we're anywhere near right, earnings estimates are going to be revised up. these companies will generate more cash flow than what's currently being expected by consensus, and therefore the stocks will outperform. >> and your top pick, just quickly, pavel, is marathon? >> top pick is valero. and we also like marathon and holly frontier. valero and marathon are both very leveraged specifically to that lls discount. molly is more leveraged to the wti discount. but the fact of the matter is, we think there is upside relative to consensus in essentially across the board because, again, if we're right on those spreads -- >> right. >> -- there's going to be quite a bit of room for upward earnings revisions. >> got it. pavel, thanks. of raymond james. parties at the pump may soon

come to an end. let's get to sharon epperson for today's "pump patrol." >> reporter: gasoline futures that are traded here at the nymex have been climbing, up about 7% in the past four weeks. and those futures prices often indicate the price that you'll pay at the gas pump. higher prices could be ahead in this holiday season. we're looking at the national average for retail gasoline at $3.25 a gallon. now, that's down a penny from a month ago. but with demand usually picking up between christmas and december, it may be unlikely that we see the low prices we saw in november. we're watching also the statewide averages, and there are still five states where that price is below the $3 mark. but the lowest price you'll pay in the country is once again in oklahoma city. where you'll pay $2.68 a gallon to fill up. that's today's "pump patrol." back to you. >> thank you, sharon. still ahead, we're saying happy birthday to one icon whose namesake stock is on the move

today. can you guess who it is? can you guess who it is? >> no, i can't. i can't wait to find out. that's it? >> that's called a tease. we're going to say the name -- that way people don't turn the channel. >> right. got it, yeah. >> you've been doing this a long time. >> 15 -- yeah. >> why am i telling you this? plus jane wells is kicking it with some really cool sneaks. >> kobe bryant is out with his new nike shoe. it's a high-top, a really high-top. can this shoe catch lebron not only on the court but in sales? we'll have that story later. b. at cognizant, we help forward-looking companies run better and run different - to give your customers every reason to keep looking for you. so if you're ready to see opportunities and see them through, we say: let's get to work. because the future belongs to those who challenge the present.

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all right, guys. jc penney getting whacked today, not falling off any more than it had in the last couple of hours. it is down 8.5% to $8.85. it just, melissa, as you know, got moved into the s&p midcap 400. >> right. >> and now it's the worst performer today. despite those comps which people liked the other day, the stock's completely fallen out of bed. >> they're good but not good enough. "street talk" time. we are talking stocks making big moves in today's session. >> up 1.2% to 89.67. it was added to goldman's bicyclist.

the goldman note saying they see expanded profit margins as well as expanded free cash throw. >> look at conns. ticker c-o-n-n, and it is up by 21.5%. >> if sandy vilerly, our guest on monday, he said he loves it and owned it for a while. if you're listening, kudos to you. the stock's up to 70.93. record revenues for the fiscal fourth quarter. texas-based retailer. they sell everything from appliances to electronics. >> and a big credit arm which he liked. >> we made fun of the name. >> i know. >> conn credit. it just doesn't have a good -- if you're a marketer, that's not what you want -- >> that's not what you're aiming for, no. but it was a good call. >> great call. congrats. >> disney higher after boosting its annual dividend. >> by 11 cents. dividends payable january 16th to current shareholders. you have to own it by december 16th. walt disney the man was born on

this day back in 1901. >> the icon, got it. awhat' great tease. >> it kept everybody tuned in. mattress firm higher today after earnings. >> we don't talk about this name. mfrm, the ticker. up 12 bucks, 4%. tempur sealy also kicking butt. >> they've got exposure to all of them. >> suddenly the mattress business has really sprung to life. >> it's holding firm, that's for sure. >> i just hope investors have a soft landing. good earnings. >> this is terrible. let's get under the radar pick. up more than 50% today. >> los angeles-based company reporting positive data from phase two clinical trials for a drug to treat breast cancer. the big winner stock. that's not a misprint, stocks. puma up 67%. if you're in guam or australia, whatever, and you're just waking up and you own this, congratulations. it's the end of prohibition here

in america. buy yourself a drink. guam, you deserve is anyway. they've got a lot of snakes and speiders there. shares of electronic arts falling today among the latest wave of problems plaguing the company's "battlefield 4" franchise. the question is, is this little dip a buying op? let's talk numbers. rich ross with the fundamentals. so ron, i'm going to start with you on the fundamentals. would you be a buyer of electronics arts? is this a temporary setback? >> no, we wouldn't chase the stock here on a relative basis, we think there are better plays within the technology space. >> okay. why? what are they doing wrong? >> well, for one, i mean, the stock is up 46%. that's twice the rate that we see of other technology players. it still trades at a premium to the market and to the sector as well. and for a value company, a value technology company, it doesn't offer a dividend or a buyback.

>> ron, why do you call it a value technology company? >> well, that's how the s&p 500 actually classifies it. it meets certain characteristics, earnings growth and low valuations on a relative basis. so they tend to put it in the value bucket or value camp. >> all right. rich, what do the charts say? >> well, i'll tell, melissa, the chart looks a little bit like "battlefield 4" right now, but i'd actually be a buyer on this weakness. i think this is a compelling buying opportunity as we get this transition to the next generation platforms. let's bring up that year-to-date chart. and you can see we got off to a very hot start here. the stock up almost 100% through the month of august. we've now formed this bearish head and shoulders top. you take out the 150-day moving average and the neckline of that patte pattern. that generates a downside target of $19 which for all intents and purposes we reached and successfully held today -- >> rich, can i ask you, layman

person, i'm not a technical analyst or anything like that -- >> you are the host of "fast money." >> this chart looks terrible. i don't understand why it should hold 19 at all. >> well, i'll tell you. from a short-term basis, you've now had almost a 30% pullback within the context of a major reversal in the primary trend. if you'll allow me to bring up this longer-term chart, i think you'll get a better sense for why this is such a strong buying opportunity. clearly the halcion days are behind this stock. but we've broken above the long-term 200-week moving average and that persistent down trend for the first time in over five years, melissa. that's fairly compelcompelling. we've now had a pullback. i think the longer-term trend is higher. that's why you want to be a buyer even when the chart looks like it does today. >> it doesn't look good if you're on the radio, rich says there's hope here. there's going to be some support. ron making the fundamental case against it because it has already had a good year. thank you very much, guys. do appreciate it. and thank you and check out our online edition of "talking

numbers" in our partnership with yahoo! finance. next, we'll take a walk in kobe bryant's sort of large shoes. and later on, boozy stock bets in honor of the day that made all drunk dials possible. but first, it's happy hour trivia time. just how many bubbles can be found in one single bottle of champagne? think about it. but first, let's get to kelly and bill for a preview on "the closing bell." hi, guys. >> wait a minute. i'm thinking about it. hang on. >> just one. they're all the same bubble. >> thank you, brian and melissa, it says here. coming up on the most important hour of the trading day, early holiday sales are coming in weaker than anticipated for many retailers, especially the apparel makers. but luxury lines like tiffany, they're shining brightly. we'll take apart tiffany's blue boxes coming up next here am also, some unions are not taking the detroit bankruptcy ruling in stride. the american federation of teachers, randi weingarten is

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here's how crude settled on the nymex today, up by just about a 0.25%. more importantly, this is the fifth straight day of gains for wti in this market. all right. time now for one little lady and one sort of giant shoe. depends on what your shoe size is, i guess. jane wells is here with said shoe and kobe bryant's really big game plan that is, if he does ever get back to playing basketball. >> i had had the shoe. i had to give it back. i think i was the only one nike lent one of the shoes to. and they had to get back to portland because they don't have that many of them. so they came and took it away from me this morning, but i had it. kobe bryant may not be making baskets yet, brian. but he is selling shoes. can he catch lebron james who walloped rivals in the shoe biz last year with $300 million in sales? kobe only at $50 million.

well, game on. bryant unveiled his new kobe 9, 225 bucks, out in february. and says the new super high-top was already in the works before he hurt his achilles. bryant and nike go back about a decade, but i asked him, with all his business decision, about another long-term partner he's had which seems an odd fit. watch. all right. for the last three years, bryant has been promoting turkish airlines with soccer player lionel messi. there's one of the commercials. what is that about? is it just the money? >> i like to look at people in their industries who are challenging norm in their industry. that's what's fun to me. turkish airlines want to do innovative things in terms of how they provide service for their customers. >> reporter: so do they come to you? how does that happen? >> yeah. they'll look at a relationship. normally somebody knows somebody. >> yeah. somebody says, you know, kobe, turkish airlines might want you. and your first reaction is?

>> what? no, it is. it is, right. >> reporter: not like mercedes. >> i didn't know. you know what i mean? well, we did our research. you really track well here in turkey, and it really makes sense in terms of how you grew up and the world being a smaller place for you because you've traveled abroad and kind of have that influence. >> reporter: boom. it's a deal. bryant will not play for the lakers friday but he says he will play soon. after 18 years when he does retire, kobe tells me he does not want to manage or own a team. he likes creating and branding products. we have the full interview right now on cnbc.com. guys? >> how big was that shoe, jane? >> reporter: it's a really big shoe. >> like the size of your arm? >> reporter: it went up -- >> no sullivan cracks. >> reporter: the back of it went up to my wrist. it is a really high-top. it will go up to your calf. >> it's a boot. >> reporter: it's like a boot. it is. he based it on manny pacquiao's boxing shoes. >> also, his -- to protect his achilles. >> reporter: well, he said he was always -- already thinking

about it beforehand, but yes, it may provide some protection. it's not a stiff high-top. the top of it is more flexible. and the other thing, of course, is -- it's a big risk for nike. it's the first time they're using their woven fly knit technology top on a basketball shoe. not a running shoe. >> woven fly knit? >> reporter: fly knit. it's woven. it's one piece. it's like knitted material -- fabric, one-piece fabric, not pieces sewn together. i have the running shoes. >> burlap sandals like our ancestors used to play basketball in. >> your ancestors. >> reporter: kick yourself. >> okay, brian. jane wells, thank you. >> hard to dunk in a bronze kilt. still ahead, irony in the art world. and then we're going to belly up to the bar for a look at the best beer stocks in honor of 80 years now without the hated prohibition. stupid volstead act. ♪ i want to spread a little love this year ♪

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well, cheers. on this day in history 80 years ago today, the volstead act and prohibition kicked the bucket.

reallowing the legal sale in america. sales had been banned for 14 years giving rise to gangster class and speakeasies. this is interesting. i did not know this. mississippi was the last dry state in the country. they did not end prohibition until 1966. >> really? why so long? >> i don't know! >> why would you live there? >> somebody get mississippi on the phone right now. and time now for our trivia answer. a bottle of champagne contains approximately 49 million bubbles. how anybody knows that -- >> that's ridiculous. >> i don't know. >> i'm sorry. that's ridiculous. not verifiable at all. >> who came up with that? that's not possible. >> depends on the size of the bottle. exactly. same number, fewer bubbles? i don't know. >> scrubbing bubbles. fast forward to this year where we've seen a bull run for booze stock, beer especially. first dom chu isn't messing around. he's getting into the hard stuff. we're talking liquor stocks down.

>> yeah, liquor before beer this time around, guys. at least when it comes to what we're talking about today because it's the holiday season. how about a libation or two especial for investors in those liquor stocks. not the beer stocks. check out diageo, one of the biggest liquor companies in the world, j&b, smirnoff, captain morgan, up 7% year to date. so a healthy return but maybe not as fantastic as some other stocks. here's another one for you. a big name. jim beam. beam, the company that was spun off from fortune brands behind jim beam and maker's mark whiskey. they're up 9% year to date. and here's a big one for you. brown forman, you may not know who they are, but they make jack daniel's and yes pepe lopez tequila. all of them are positive but trailing the market. if you really want to know where the bubbles are in this market, especially for investors, you've got it, guys, of course, look towards the beer stocks. back over to you. >> and we will right now, dom chu, thank you very much. and it's hard to call boston beer a little guy beer company.

sam adams is huge but still smaller than moulson coors and inbev. they've been doing well this year. sam has. but the bigger companies, right, anheuser-busch, inbevs of the world, they certainly have not done quite as well. let's talk more now about this and get an idea as to what the best ideas might be. joining us from morningstar, tom malarky and from clsa, caroline levy. caroline, you really can't call sam adams a craft brewer anymore. they're big and getting bigger because their stock has done well. do you expect the big names to eventually come back, or have their times passed? >> actually, anheuser-busch inbev is my favorite stock in the beverage sector because it's just such an incredibly well-run business. and the u.s. is used really as a cash cow. they do hope to drive volume growth over time, but big beer is under a lot of pressure from what i call the fragmenting consumer desire. and sam adams, by contrast, of course, is offering lots of

seasonals and ciders and twisted tea. when a.b. does that, it's too small to move the needle versus selling bud light and budweiser. that's been the challenge. >> i'm wondering if we're entering a strong period. looking past the holidays, we've got past that we've got the super bowl coming up. we've got a giant world event. the world cup of 2014. do you think that these companies will benefit in terms of volume growth from these sporting events? >> sure. i think seasonality in beer is definitely a big factor as you might expect. the seasonally strongest quarters tend to be the summer months here in north america. and what our winter months are in south america. the sporting events such as the super bowl definitely are a big driver for companies like budweiser. they're also looking with inbev group in brazil to take advantage of the world cup next year. >> caroline, i'm curious. on one of your notes you cited a bud conference call. they said that 100% of the beer

industry volume declines from 2008 are because of declines in the labor force. does that necessarily mean we want to look to beer companies and beverage companies that have more exposure elsewhere? or companies leveraged more to the u.s. better bets at this point? >> i think a.b. also said they're very optimistic about the outlook for the u.s. beer -- well, really for the u.s. economy and beer over the long term. it's just that it's been a very difficult period. i think lots of companies could agree with that. what's been unusual is as tough as times have been, beer drinkers have traded up. they've been buying the more expensive stuff. because, hey, more buzz per ounce. they're willing to pay for that. it's been very odd to see such high growth in the more expensive things. yet i think the -- you know, the man on the street, the average guy has really struggled over the last few years. >> my concern about any of these names, you've got about 2,500 now micro and craft breweries in america. it's about tripled over the last 15 years. so many choices, right?

why should we assume just because these companies like anheuser-busch are big that they're going to boom back again? when there's so many choices now that you didn't have ten years ago? >> and there's liquor, too. >> and cider. >> et cetera. >> yeah. i think you bring up two great points. the american drinkers are definitely increasing the upping for craft beers as well as spirits. what you're seeing as for the likes of boston beer which specializes in craft beer, they're facing competition from both above and below them. 2,000 craft beer makers like you mentioned are nipping at their heems. big guys like miller, coors or a.b. inbev. you'd have a.b. inbevs going to market with their flavored malt beverages like the limarita and strawberrita. it's taken boston beer one or two years to get 30 points. >> caroline and tom, thank you both very much.

good argument. good debate. >> thank you. >> thank you sfwl t. >> tom was mentioning the eritas. we've got one here. cranberita. i've had the strawberry. >> why is the can so small? come in here. >> maybe it packs a punch, brian. why don't you open it up and try it? why don't you open it up and try it? i know all of america wants brian sullivan to try the cranberrita. >> get to know bram ma. the biggest selling brazilian beer. talking about the world cup. owned by anheuser-busch inbev. >> i can smell that from here, by the way. how is it? >> i don't know. it's like cranberry juice. >> is it good? >> i feel like hoda kotb right now. >> i guess i'm your kathie lee. coming up next -- >> it's cranberry juice. >> the irony that led to a record breaking art sale.

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so i get it exactly how i want. so, i went with a windows phone. maybe i just see things other people don't. ♪ honestly ♪ i wanna see you be brave ♪ take a look at where we stand on the markets right thousand. dow and s&p 500 we should note at session lows right tnow. both down about half a percent. you're looking at the color of the year, folks. that's it. if you're on the radio, picture a pinkish fuchsia type thing. it's actually got a name. it's calmed radiant orchid according to pantone. which sort of defines the colors

of the year every year. the color, quote, inspires confidence and emanates great joy, love and health. that's why i demanded for this whole show, i want to be known as radiant orchid. my new tv name. >> when i looked at your tie i was thinking, joy, health and love. >> wow. that's not an accident, folks. i'm down with the pantone. pantone on the ground. >> the irony. a piece of art capturing america's financial ruin has sold for a record price. robert frank's got the story. >> well, the painting is edward hopper's east wind. it just sold this afternoon at christie's for $40.5 million. an all time record for hopper. it's literally twice the presale estimate. the painting was painted in 1934 when the country was still in the grips of that depression. it shows a desolate street in new jersey. one of the homes had a for sale sign out front telling the story of that era's housing bubble and

bust. today anyone wondering whether art is getting a little bubbly, sotheby's selling a norman rockwell yesterday for $46 million. calmed "saying grace." a record for any art sold at an american auction. american pieces were lagging far behind contemporary. it's catching up. no word for the buyer on each of these paintings. somewhere edward hopper is either laughing or crying at the fact this painting depicting hard times in america is now a symbol of this crazy runaway wealth that we have right now. >> in your mind, robert, you've been doing this a long time. i mean this sincerely. is there an art bubble? some of these numbers for paintings that many might consider great, but not -- they're not monets. >> the values are driven by the supply of money right now as opposed to the intrinsic value of the art. >> that is the definition of a bubble. when too many dollars are chasing too few assets. >> absolutely. >> that's what the bubble is. >> the only issue is this will go on much longer than we think. so, yes, it's a bubble. i think the values have gotten

ahead of themselves. but the supply of millionaires and the supply of wealth versus the supply of rare, good paintings is a mismatch. i think they're going to continue going up. there will be a correction. just much longer than people think. >> using the word "bubble" is very tricky. that implies there's going to be some sort of collapse. >> correct. >> can that happen in the art market? where just overnight there's a collapse? if there isn't a concurrent sort of financial crisis? >> there would have to be a concurrent crisis. the market is so illiquid for these things that i think you could see one. again, only if we had a really bad financial crisis. without that, i think it would just be a mild tapering off. >> that would be a great segment to look at. not to say, here, go look at the segments. but the biggest art collapses of all time. that's a great question. i would love to know what they are. >> we will do that for tomorrow? >> you promise? this is how tv works. you order, i deliver. >> somebody finally asked? >> right down the date. not going to happen again. >> look at the dow. intel, boeing, 3m the biggest

winners. dow down 65. this would be the fifth straight down day for the market. i'm sure our data team, crack data team would come up with when the last time that happened is. not exactly the sort of sant klaus rally some have looked for. >> it was great being here. see you tonight on "fast." we've got the lions gate vice chairman to talk "hunger games" sequel and why the stock is down 10% over the last month. >> thanks for watching, everybody. >> "closing bell" is next. and welcome to the "closing bell" on this thursday. i'm kelly epens at the new york stock exchange where investors are hoping to break a four day losing streak. it doesn't look good. >> they're losing hope right now. i'm bill griffith. market near the lows of the session. this would be five straight trading days in a row where we've seen a down market now. we'll wait and see. jobs markets have been coming in pretty good. yesterday's adp number was good. jobless claims number this morning lower than expected. so